>> Deeber, the Asia situation hurts the USA deeper than anyone imagined. <<
Roger - I firmly believe that for the last six months or so , Greenspan has been repeatedly mouthing soothing comments about Asia, just to try to manage the psychological end of the situation vis-a-vis the US stock market.
He is no dummy , and he must know how serious the crisis is over there , and the major impact it will have on the U.S. The story is unfolding as expected , despite all the spin management. It is now clear that the Japanese banking problem is so huge that they are scared to reveal the true numbers. That is why nothing is being done.
Nobody in Japan wants to admit the obvious , and they are scared s***less over a possible rout of their entire banking and stock market system.
Unfortunately , the attempt to mis-inform the American public is not going to work , and may cost AG some credibility when he most needs it. Of course , the Fed has the magic wand of interest rate cuts , if things begin to unravel over here.
Bottom line , AG is making his old pals on Wall St. very rich , and I'm sure his retirement will be spent in great comfort. |
